THE CREDIT CRUNCH and repricing of credit have shifted the terms of trade in the capital markets dramatically in favour of the real-money buy side. For a long time they had been price takers. Now the unprecedented deleveraging of the financial system has given traditional investors a massive opportunity to purchase paper at attractive spreads. But the levels of volatility and market dislocation have also proved dangerous to them. None was immune to the effects of the huge withdrawal of liquidity from the global financial system and the transition of assets from levered to unlevered balance sheets.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
